Kodak, N.Y. reach proposed settlement on back taxes

Eastman Kodak Co. and the state Department of Taxation and Finance have reached a proposed settlement for back taxes the state claims Kodak owes.

A stipulation, agreed to by both the state and Kodak, was filed late Monday in U.S. Bankruptcy Court.

The state on June 21, 2012, filed a claim with the Bankruptcy Court claiming Kodak owed a total of $5.25 million, for the period ending Dec. 31, 2008. The total consists of $2.66 million in tax, along with interest of $2.4 million and a penalty of $159,038.

The proposed resolution would give the state a priority tax claim of $3.63 million, which consists of $1.81 million in tax along with interest of $1.82 million. The claim would be paid in part with a sales and use tax refund owned to Kodak.

If the proposal receives no objections by April 29, Kodak can go ahead with the settlement without prior approval of the bankruptcy court judge.